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July 18, 2025 

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COLLECTIVE BARGAINING: The negotiation process between a union and the company that employs the union's members -- usually going by the moniker of management. The purpose of collective bargaining is to find mutual agreement on wages, fringe benefits, workhours, promotion criteria, grievance procedures, and everything else that has to do with employment. The end result of this process is a collective bargaining agreement, which is a formal contract between management and the union. A negotiation process that breaks down without reaching an agreement might lead to a strike, lockout, or mediation.

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MONOPOLY AND EFFICIENCY: A monopoly firm generally produces less output and chargers a higher price than would be the case for a perfectly competitive industry. In particular, the price charged by a monopoly is not equal to (in fact, higher than) the marginal cost of production. The equality between price and marginal cost is THE key indication that resources are allocated efficiently and that society's resources are being used to generate the highest possible level of satisfaction.

     See also | monopoly | market control | marginal cost | demand curve | market failure | monopoly characteristics | monopoly and demand | monopoly profit | monopoly and perfect competition | inefficiency |


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MONOPOLY AND EFFICIENCY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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KINKED-DEMAND CURVE ANALYSIS

An analysis using the kinked-demand curve to explain rigid prices often found with oligopoly. The kinked-demand curve contains two distinct segments--one for higher prices that is more elastic and one for lower prices that is less elastic. Key to this analysis is that the corresponding marginal revenue curve contains three segments--one associated with the more elastic segment, one associated with the less elastic segment, and one associated with the kink. A profit-maximizing firm can then equate marginal cost to a wide range of marginal revenue values along the vertical segment of the marginal revenue curve. This suggests that marginal cost must change significantly before an oligopolistic firm is inclined to change price.

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